MGM102H5 Chapter Notes - Chapter Chapter 3 : Business Cycle, Kitchen Utensil, Franchising
Document Summary
Chapter 3: entrepreneurship and starting your own small business. Why people take the entrepreneur challenge: new idea, new/cheaper process or product, independence-enjoyment of working for yourself and not someone else, challenge, family pattern, profit, immigration. A business idea has potential to be a good one if it meets the criteria: the criteria for a new idea that has a chance to be successful is: You have the skills and resources to begin your own business. You can sell your product at a price the buyers are willing to pay-and still make a profit. You get your idea to the market before you competitors. Female entrepreneur: women run small and medium sized enterprises (sme s, reasons the female begin their careers as entrepreneurs: Entrepreneurial teams: group of experienced individuals from different areas of business that come together to produce the new product and manage the process along the way.
